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Tesco: strong quarterly sales reassure

( - Tesco has reassured investors on Friday morning by unveiling dynamic sales for its first fiscal quarter to end-May, particularly in the UK, its main market.

The retailer reported an 8.7% increase in sales at its UK stores that have been open for more than a year over the past three months, reaching nearly 9.9 billion pounds (around 11 billion euros).

The retailer points out that it has particularly benefited from a 48.5% increase in online sales in the UK over the past quarter, including a 90% jump in May alone, in the middle of the lockdown period.

On a like-for-like basis, Tesco's overall revenue increased by 7.9% to 13.4 billion pounds over the quarter, just over 1% above consensus expectations (+6.8%).

At around 9.30am (London time), the stock was up around 0.7%, outperforming the European retail index (+0.4%).

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